How much are sellers cutting home prices?

The fall housing market is sending a clear message that sellers are adjusting expectations. The latest HW Data shows 42% of active single-family listings nationwide include a price cut. The median markdown is 4%, showing that many sellers are trimming just enough to bring buyers back to the table without significantly resetting market values. Prices and inventory Nationwide inventory totals 863,972 listings, equal to a 2.76-month supply at the current sales pace. The median list price holds at $444,900, while new listings entered the market at a lower $410,000 median. On a per-square-foot basis, the national median is $215. This stability at the median, combined with widespread markdowns, illustrates how sellers are testing pricing and then repositioning to meet buyer demand. Cuts are concentrated at mid-range and higher price tiers, where affordability pressures are most pronounced. Days on market trends Homes are taking slightly longer to sell compared with early September. The median days on market is 70, up from the low 60s a month earlier. The average listing age has reached 112 days, underscoring the gap between well-priced homes that move quickly and overpriced ones that stall until reductions are made. Pending sales and buyer activity Buyer activity remains steady despite higher mortgage costs. There are 362,632 homes under contract with a median pending price of $399,990. Contracts are averaging 36.6 days in escrow, showing that when pricing aligns, buyers are acting decisively. The Market Action Index stands at 34, keeping the market on the seller’s side of neutral but far from the overheated conditions of recent years. Outlook and professional takeaway The data points to a balancing market. List prices appear steady, but nearly half of sellers are making concessions in the form of markdowns. For real estate professionals, the takeaway is clear. Pricing strategy matters more than ever. Advising sellers to position homes realistically at listing, or to respond quickly with reductions if activity stalls, is critical to achieving timely sales. Buyers should recognize that cuts create opportunities. With inventory near 864,000 homes nationwide, those watching carefully may find leverage in negotiations this fall. For additional context on why inventory growth has slowed, see HousingWire lead analyst Logan Mohtashami’s Housing Market Tracker.